KBW Lowers BB&T Rating to Market Perform Due to Valuation

KBW is lowering its rating on shares of BB&T Corporation BBT to Market Perform due to the company's valuation. “BBT shares have increased 14% in December and have come in line with our price target,” KBW writes. “We believe that BBT still has significant strategic advantages versus other large cap names, but with a weak economy and now trading at 8.2x or 2013 EPS estimate and 1.8x tangible book value, we believe the shares are fairly valued.” BB&T Corporation closed Wednesday at $26.16.